中际旭创据悉获港交所批准70亿美元上市

9AM in Shanghai, Shenzhen, and here in Hong Kong you're watching the China show. I'm Yvonne Man with David Ingles. Good morning. We're counting down to the open of markets in Greater China. Let's get to your top stories today. South Korea very much in focus today leading losses across the region here after the government said it's planning measures on leverage ETFs and expansion plans by China. Also adding to these worries that SK Hynix and Samsung will soon face stiffer competition.

Data center components maker in a light gets regulatory approval for what's likely to be Hong Kong's biggest listing in years. Also ahead in the program, China Green lights Apple's plan to roll out AI services in China with the help of Alibaba and Baidu. We'll be watching those stocks at the bottom of the hour and the banks trimming their China economic growth forecast after disappointing GDP numbers, credit data for the first half also falling short of projections.

Yeah, we are awaiting, of course. Um, the F4 we've been talking about. Yes, yes. Uh, of Korea versus not not the one you're thinking about if you're a millennial like us. Because I really think Meteor Garden. But I'm thinking now Korea uh, the four financial, I guess have regulators that are be talking about there's reports of them announcing measures on single stock leverage ETFs, which really has been sparking a lot of the volatility in Korea as well.

So certainly a lot here on the back of the bouquet raising rates, which really is a bit of a side story now. Yeah. And I wonder whether the stock market has become one of the things that the Korea needs to look at in as far as so you know we talk about to be okay a lot in as far as household leverage is concerned. Right. And I wonder where the stock market leverage is something that they should also consider. that just one in time, given the features of that conversation, they're right.

And when you look at, you know, for one this is the V Cosby index, right? It's getting really crazy there in Korea. 30 day actual of all these not actually at the highest ever. Anyway. That's just context in the backdrop against this, this backdrop of just this crazy moves we're seeing in that market. I think you add the concerns, or at least what we could be hearing on terms of what regulators are thinking about taming this volatility.

You add that to concerns about what we're seeing around Christmas, right? Yes. This upcoming IPO, we're getting a little bit more details on, you know, the date and the like. But there is a news, a reports of them planned to boost capacity by as much as two thirds by 2028 in some respects. So that certainly in some ways leads to questions about this whole scarcity sort of issue with these memory chip makers, which could really mean, uh, maybe a really viable sort of contender to the likes of Samsung.

It's not going to be micron. It's not gonna be a shortage forever. Yeah. It adds, um, you have SK Hynix object point using a lot of money reports about Samsung also wanting to do the same in the U.S.. Yes. Micron announcing the same thing in the U.S.. And then you have CSMT, right? So, um, I mean, markets look ahead. How happy to how much ahead do markets look? Uh, when you look at some of these apps, for example. Uh, it's understandable, by the way, on that note, right.

TSMC also reports today that's also something to consider when you look at the I trade at 1.7% on the Asia Pacific benchmark. Uh, keep in mind as well, we were up 2% yesterday, which was the best day in about a month or so. So, uh, they understandably are getting, um, some money being taken off the table right now. It's also worth mentioning underneath all of this is Iran is still brewing, and I think oil prices are up for a fifth day, uh, on Brent.

So just something to consider when we go into the Chinese market today. Lots of individual stock moves to track ex palm Alibaba, Apple suppliers uh what have you ZTE I was going to be very much in focus there. So we'll we'll we'll we'll do a proper preview of the individual stocks we're tracking going into the open today. But yes, let's. Why don't we start things off with Korea central bank decision there and possibly more measures around these leverage ETFs.

Yeah we could be seeing some sort of announcement soon possibly here over the controversy. The over these leveraged ETFs have been tied to the likes of Samsung tied the likes of sky Hynix. Let's bring in our managing editor for Asia equity lending to. She joins us with the latest here. So we're counting down to this meeting of F4 right. The Korean regulators under pressure to really rein in these leverage ETFs. What measures are on the table denting and how serious has this issue become.

Yeah, it does look, uh, to become very serious matter for the regulators. The most likely measures are relatively targeted rather than outright bans. Industry groups and brokers in Korea are already discussing raising the minimum deposit required to trade these products, for example. They're also talking about spreading rebalancing trades throughout the day instead of concentrating them near the coast. They also talked about strengthening the role of liquidity providers to reduce market disruption.

What is really notable here today is that this has really evolved beyond a market structured debate to end it. It's now a political issue. Opposition lawmakers have publicly called for these products to be delisted, arguing that they are exacerbating volatility in stocks that have become central to Korea's AI driven rally. And president Lee yesterday acknowledged that the Korean stock market has become increasingly unstable.

So political pressure means that regulators are increasingly expected to be seen doing something, even if they may fall short of the most aggressive interventions in Atlantic if they do tighten rules around this specific product pool. What is your team looking at us in as far as potential market impact? Yeah, I think in the near term it could reduce some of the extreme volatility that has been seen in some sun and particularly SK Hynix.

These ETFs require daily rebalancing trades that can amount to hundreds of billions, if not trillions of one, creating a very powerful end of day flow that many investors think are amplifying market moves. So tighter rules could dampen those mechanical swings and make trading a little bit more orderly. The bigger question is whether it affects the broader eye trade. Are these products, of course, the amplifying space.

But they also have become a major source of liquidity and speculative demand for Korean chipmakers. So any reduction in activity could remove a tailwind for these stocks. That said, and of course, the long term direction of Samsung and schematics will still be very much driven primarily by, you know, fundamentals like earnings and memory chip demand, rather than the ETF flows alone. Lansing. Thank you so much, Lansing, to our managing editor for Asian Equities.

They're here with us on set is John Woods, Asia CIO and head of investment solutions Asia at Lombard Audio. Very nice to see you. Thank you. Maybe got to talk about Korea. Yeah. What's the advice. Well I mean I've long been concerned about this sort of speculative frenzy in the retail sector in, uh, South Korea. I guess we all have when markets are up 100% year to date, as it has been, uh, at moments, uh, there is cause for concern.

I think the macro prudential measures taken by be okay, um, are correct. Um, I do get concerned when I see excess leverage in any market. It tends not to end well, uh, as a general rule. And I think these measures to reduce the level of speculation, particularly, uh, in the retail sector and particularly amongst leveraged ETFs, is the correct thing. Your favorite Korea though. So is the advice still to kind of buy on dips and still kind of wait for some sort of tightening of these sort of leverage you do have brought us?

What sort of the we're long te

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